In Part I of ACCC’s National Get Organized Month, we focused on the core financial concepts each age group should learn as children. Now, it’s time to dive deeper into jobs and allowances for kids. Some parents choose chores and allowance, while others choose to have their children earn money outside of the house. And some do both! ACCC offers guidelines for parents when considering jobs and allowances for kids.
Experience and practice go a long way toward building successful money management skills for kids. Creativity, hard work and consistency will enable your kids to have a great experience with earning money through jobs and allowances. Here are several ways for kids to earn money.
Chores & Allowance
In exchange for a few chores around the home, award your children a few dollars a week. As they get older, they can take on more difficult chores, like laundry or heavy cleaning. If you choose, lawn maintenance or snow removal can command a heftier dollar amount. Remember to be consistence with the rules, rewards and consequences of whatever system you put into place.
Recycling for Money
Can returns may be only five cents a can, but those can add up quickly. It requires hard work and effort, but it shows kids the value of keeping the earth green and persistence. Depending on their age, there could be some great math lessons using different can types, values and tracking income received from the returns.
A great way to help out a neighbor and to earn some extra cash is to offer services like raking, lawn-mowing, or weeding. In the winter time, they can shovel snow. This is a great way for kids to have jobs that help them to politely approach people in a more professional manor than they have previously experienced.
When neighbors go away over the summer, they’ll need someone to feed their fish or cat. It’s a good way to show children the responsibilities associated with pets, as well as help them understand the value of an earned dollar.
Whatever they end up earning, consider showing your kids how to divide their earning into three parts: saving, spending and donating. Allocating money into specific funds early teaches kids how to prioritize money and the benefits of each. For more on this topic, see the Earn, Save, Spend & Donate blog post. You can also visit ACCC’s Youth & Money section of the website for more information.
If you need to work on your own finances, ACCC is here to help. To speak to a credit counselor today about budgeting and managing your finances, call 800-769-3571